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I appreciate all of the advice and discussion.

I'm still undecided about proceeding with a nondeductible contribution to a traditional IRA for 2006 and will have to commit one way or the other in the next few weeks. If the law is changed, this approach would likely be a losing proposition for me, because I would be introducing income taxes on the withdrawals of all of the gains (as opposed to the long term capital gains tax if I keep these investable funds in a taxable account) if I can never convert it to a Roth IRA.

A lot of the uncertainty regarding the law would probably be reduced if I waited until April 2009 from which time, I could put in the contribution for 2008 and beyond. I would lose the opportunity for 2006 and 2007, however.

My understanding is that the opportunity to roll over an IRA into a Roth IRA in 2010 without any income limitation would be a one-time opportunity only, which is why I was getting enthusiastic about taking advantage as soon as possible with contributions to a traditional IRA; is that in fact the case?
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